In 2022, graduating business majors from top programs were riding high. Talent competition was fierce through a particularly tight labor market for business grads, and first-year salaries soared to double-digit percent increases at 47 of 93 schools in last year’s ranking of the best undergraduate business schools.
Outlook was not quite as rosy for 2023 business graduates.
Based on data from our 2024 ranking, released this week, salaries have increased for 2023 grads over their 2022 counterparts at most business schools. However, the percent increase has slowed considerably. Salaries increased by double-digit percentages at just 10 schools this go around. Overall, salaries rose just 4.69% across all 91 schools ranked for 2024, compared to a 10.75% increase in 2023’s ranking.
WHARTON’S FIRST-YEAR SALARY JUMBPS 24% SINCE 2021
Career outcomes is a major consideration in our proprietary ranking methodology, accounting for 33.3% of a school’s overall score. And first-year adjusted compensation makes up 30% of the career score.
Top salaries secured right after graduation is probably the most compelling argument in favor of a business degree, but not all schools are created equal.
The school with the highest salary of them all is hardly a surprise: Graduates of University of Pennsylvania’s The Wharton School consistently report first-year salaries that would make some MBAs blush. 2023 grads had an average starting salary of $107,215, up 6.25% from the $100,655 reported by 2022 grads. Wharton was, in fact, the first school to break the six-digit barrier last year when it reported an astounding 17.94% increase from 2021’s salary average of $85,345.
Over the last two graduating classes, in fact, average starting salaries for Wharton graduates have gone up 24.46%. They’ve increased 20% or more at three other of the schools reporting the highest salaries, including 26.29% since 2021 at University of Southern California Marshall School of Business. Most of the gains come from 2022’s soaring numbers, but salaries at all of the highest–paid schools rose in 2023 as well.
The table below compares the average percent salary increase from the Class of 2022 to the Class of 2022, ordered by the highest average 2-year increase.
BIGGEST SALARY JUMPS AT P&Q RANKED BUSINESS SCHOOLS
| 2024 Rank | School | % Change ’23 | % Change ’22 |
2-year % increase
|
| 2 | University of Southern California (Marshall) | 11.30% | 14.99% | 26.29% |
| 1 | University of Pennsylvania (Wharton) | 6.52% | 17.94% | 24.46% |
| 5 | University of Michigan (Ross) | 6.57% | 15.97% | 22.54% |
| 6 | Cornell University (Dyson SC John) | 10.31% | 11.43% | 21.74% |
| 7 | University of Notre Dame (Mendoza) | 2.96% | 16.55% | 19.51% |
| 11 | Washington University in St. Louis (Olin) | 7.17% | 11.64% | 18.81% |
| 4 | University of Virginia (McIntire) | 6.96% | 11.79% | 18.75% |
| 29 | Carnegie Mellon University (Tepper) | 1.42% | 17.17% | 18.59% |
| 3 | Georgetown University (McDonough) | 4.07% | 13.73% | 17.80% |
| 9 | New York University (Stern) | 0.54% | 12.13% | 12.67% |
BUSINESS SCHOOLS WITH THE HIGHEST UNDERGRAD SALARIES
After Wharton, Georgetown University’s McDonough School of Business posted the second highest average starting salary for the second straight year. Its Class of 2023 graduates became the second school to break the $100k milestone at $100,859.15. That’s up 4.07% from the $96,916 reported by 2022 grads which was the highest salary in the history of its undergraduate business program.
Rounding out the top five for highest salaries are Cornell University’s Dyson School of Applied Economics and Management (ranked No. 6 overall) at $98,066 (a 10.31% increase of the Class of 2022), Carnegie Mellon University Tepper School of Business (No. 29) at $94,341 (a 1.42% increase), and University of Michigan Ross School of Business at $94,294 (6.57%).
At the 10 schools with the highest reported average starting salaries for the Class of 2023, salaries rose an average of 5.78%. While still a healthy increase, it’s well below the average 14.33% increase reported by the previous class.
10 HIGHEST SALARIES AT P&Q RANKED BUSINESS SCHOOLS
2024 Rank |
School |
2022 Salary |
2023 Salary |
% Change |
| 1 | University of Pennsylvania (Wharton) | $100,655.00 | $107,215.00 | 6.52% |
| 3 | Georgetown University (McDonough) | $96,916.00 | $100,859.15 | 4.07% |
| 6 | Cornell University (Dyson SC John) | $88,897.00 | $98,066.00 | 10.31% |
| 29 | Carnegie Mellon University (Tepper) | $93,019.00 | $94,341.00 | 1.42% |
| 5 | University of Michigan (Ross) | $88,479.00 | $94,294.00 | 6.57% |
| 2 | University of Southern California (Marshall) | $83,777.00 | $93,247.00 | 11.30% |
| 4 | University of Virginia (McIntire) | $87,116.00 | $93,180.00 | 6.96% |
| 9 | New York University (Stern) | $91,572.00 | $92,066.00 | 0.54% |
| 11 | Washington University in St. Louis (Olin) | $84,328.00 | $90,371.00 | 7.17% |
B-SCHOOLS WITH THE LOWEST UNDERGRAD SALARIES
Salaries at the lower end of the spectrum look more like salaries typical of a new college graduate.
Hult International Business School (ranked No. 38 overall) graduates reported salaries of $42,900. Its average salaries fell from $51,300 for the Class of 2021 to $40,500 for the Class of 2022, a 21% drop. It clawed back some of that ground this year, reporting average salaries 5.93% higher than the year before.
Ithaca College in New York (No. 66) had the biggest drop in average salaries, falling 21.65% from $62,961 for the Class of 2022 to $49,333 for the Class of 2023.
Overall, eight other business schools saw average salaries drop in 2023, compared to just five in last year’s ranking: Salaries fell 7.57% at University of Michigan-Dearborn, 6.46% at Florida Southern College, and 6.19% at Seattle University (Albers).
10 LOWEST SALARIES AT P&Q RANKED BUSINESS SCHOOLS
2024 Rank |
School |
2022 Salary |
2023 Salary |
% Change |
| 68 | Duquesne University (Palumbo Donahue) | $58,008.00 | $57,128.00 | -1.52% |
| 79 | Roger Williams University (Gabelli) | $56,697.00 | $56,697.00 | 0.00% |
| 72 | Ohio University | $54,152.00 | $56,470.09 | 4.28% |
| 53 | University of Evansville (Schroeder) | $53,440.00 | $56,325.00 | 5.40% |
| 91 | University of Wisconsin-Milwaukee (Lubar) | $55,943.00 | $55,943.00 | 0.00% |
| 43 | Lipscomb University | $52,992.00 | $55,002.00 | 3.79% |
| 42 | Florida Southern College | $58,083.00 | $54,328.00 | -6.46% |
| 71 | University of Michigan-Dearborn | $57,700.00 | $53,333.00 | -7.57% |
| 66 | Ithaca College | $62,961.00 | $49,330.00 | -21.65% |
| 38 | Hult International Business School | $40,500.00 | $42,900.00 | 5.93% |
NEXT PAGE: Signing bonuses and total compensation
PAGE 3: Average first-year salaries for Class of 2023 at all 91 ranked B-schools
PAGE 4: Average signing bonuses for Class of 2023 at all 91 ranked B-schools
PAGE 5: Average first-year adjusted total compensation for Class of 2023 at all 91 ranked B-schools
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